Q1 2018 EPS Estimates for Avnet, Inc. Decreased by SunTrust Banks (AVT)
Avnet, Inc. (NYSE:AVT) – Equities research analysts at SunTrust Banks reduced their Q1 2018 earnings per share estimates for shares of Avnet in a report issued on Wednesday. SunTrust Banks analyst W. Stein now expects that the technology company will earn $0.72 per share for the quarter, down from their previous estimate of $0.74. SunTrust Banks currently has a “Hold” rating and a $39.00 target price on the stock. SunTrust Banks also issued estimates for Avnet’s Q2 2018 earnings at $0.81 EPS, Q3 2018 earnings at $0.92 EPS, Q4 2018 earnings at $0.98 EPS, FY2018 earnings at $3.36 EPS, Q1 2019 earnings at $1.01 EPS and Q2 2019 earnings at $1.05 EPS.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same quarter last year, the company earned $0.86 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year.
Several other analysts have also recently issued reports on AVT. BidaskClub cut Avnet from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Deutsche Bank AG reaffirmed a “hold” rating and set a $39.00 target price (down previously from $40.00) on shares of Avnet in a research report on Thursday. Bank of America Corporation cut Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $44.00 to $40.00 in a research report on Friday, July 14th. Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Finally, ValuEngine cut Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Six research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the stock. Avnet has a consensus rating of “Hold” and a consensus target price of $42.11.
Shares of Avnet (NYSE AVT) traded up 0.49% on Friday, reaching $36.98. The company’s stock had a trading volume of 481,682 shares. The company’s 50-day moving average is $38.84 and its 200 day moving average is $41.71. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 9.05 and a beta of 1.04. Avnet has a 12-month low of $35.96 and a 12-month high of $51.50.
Hedge funds have recently bought and sold shares of the company. Teachers Advisors LLC boosted its stake in Avnet by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 143,522 shares of the technology company’s stock worth $6,833,000 after buying an additional 15,589 shares during the last quarter. Macquarie Group Ltd. boosted its stake in Avnet by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 402,706 shares of the technology company’s stock worth $19,172,000 after buying an additional 15,450 shares during the last quarter. Gulf International Bank UK Ltd boosted its stake in Avnet by 2.1% in the first quarter. Gulf International Bank UK Ltd now owns 42,464 shares of the technology company’s stock worth $1,943,000 after buying an additional 880 shares during the last quarter. Bank of Montreal Can boosted its stake in Avnet by 32.4% in the first quarter. Bank of Montreal Can now owns 689,940 shares of the technology company’s stock worth $31,571,000 after buying an additional 168,709 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its stake in Avnet by 5.2% in the first quarter. Capstone Asset Management Co. now owns 17,350 shares of the technology company’s stock worth $794,000 after buying an additional 850 shares during the last quarter. 98.73% of the stock is owned by hedge funds and other institutional investors.
In other Avnet news, Director James A. Lawrence acquired 408,451 shares of the stock in a transaction dated Friday, June 2nd. The stock was purchased at an average price of $36.99 per share, with a total value of $15,108,602.49. Following the transaction, the director now directly owns 416,549 shares of the company’s stock, valued at $15,408,147.51. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin M. Moriarty acquired 6,933 shares of the stock in a transaction dated Thursday, May 18th. The stock was acquired at an average cost of $36.08 per share, with a total value of $250,142.64. The disclosure for this purchase can be found here. 1.47% of the stock is owned by company insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.96%. Avnet’s payout ratio is 17.69%.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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